Vietnam extends suspension of fuel tax collection until the end of June to stabilize domestic refined oil prices

To stabilize domestic retail fuel prices, Vietnam has decided to extend the suspension period for fuel taxesfrom the originally planned April 15 to the end of June. According to a statement issued by the Office of the National Assembly of Vietnam, the Assembly has passed a related resolution to continue suspending the environmental protection tax and the special consumption tax on fuel at the consumption stage.

Previously, the Vietnamese government had announcedthat between March 27 and April 15 it would suspend the environmental protection tax on gasoline, diesel and aviation fuel, and suspend the special consumption tax on gasoline. The Ministry of Finance of Vietnam said that after this policy is implementedthe country’s fiscal revenue is expected to decrease by VND 7.2 trillion per month, equivalent to about USD 273 million.